Exhibit



			Nine Months Ended		Year Ended December 31,								11 Months Ended			Year Ended

			September 30, 2017		2016		2015			2014			December 31, 2013			January 31, 2013
Earnings (in thousands):
	Earnings (loss) from continuing operations before income taxes (excluding equity in earnings of unconsolidated entities and noncontrolling interest adjustment)		$	21,604	$	118,544	$	(65,051	)	$	(103,486	)	$	(111,281	)	$	(69,291	)

	Adjustments to earnings:
		Interest incurred, net of capitalized interest	88,473		159,616		197,291			239,943			297,057			276,491
		Amortization of loan procurement costs	4,067		5,719		7,549			7,797			7,746			10,727
		Previously capitalized interest amortized into earnings	11,705		15,537		16,508			16,981			12,852			12,234
		Cash distributions from unconsolidated entities	53,388		71,646		60,029			82,725			64,346			261,344
		Portion of rents representative of interest factor	4,222		5,629		4,677			3,671			2,772			5,136

Earnings, as adjusted			$	183,459	$	376,691	$	221,003		$	247,631		$	273,492		$	496,641

Fixed charges (in thousands):
		Interest expensed	$	88,473	$	159,616	$	197,291		$	239,943		$	297,057		$	276,491
		Interest capitalized	16,610		38,639		36,875			24,411			16,693			96,094
		Amortization of loan procurement costs	4,067		5,719		7,549			7,797			7,746			10,727
		Portion of rents representative of interest factor	4,222		5,629		4,677			3,671			2,772			5,136

Total fixed charges			$	113,372	$	209,603	$	246,392		$	275,822		$	324,268		$	388,448

	Preferred Dividend Requirements		—		—		—			—			302			21,334

Total Fixed Charges and Preferred Dividends			$	113,372	$	209,603	$	246,392		$	275,822		$	324,570		$	409,782

Ratio of earnings to fixed charges (1)(2)			1.62		1.80		⁽³⁾			⁽⁴⁾			⁽⁵⁾			1.28

Ratio of earnings to combined fixed charges and preferred dividends (1)(2)			1.62		1.80		⁽³⁾			⁽⁴⁾			⁽⁵⁾			1.21

(1)	Included in earnings from continuing operations are non-cash charges related to depreciation and amortization of $189.5 million, $250.8 million, $252.9 million, $196.2 million, $239.8 million and $203.4 million for the nine months ended September 30, 2017, years ended December 31, 2016, 2015 and 2014, the 11 months ended December 31, 2013 and the fiscal year ended January 31, 2013, respectively. Depreciation and amortization reduce earnings from continuing operations, but does not impact our ability to cover our fixed charges.
(2)	Included in earnings from continuing operations are non-cash charges related to impairment of real estate of $44.3 million, $156.8 million, $451.4 million, $277.1 million, $421.4 million and $46.5 million for the nine months ended September 30, 2017, years ended December 31, 2016, 2015 and 2014, the 11 months ended December 31, 2013 and the fiscal year ended January 31, 2013, respectively. Impairment of real estate reduces earnings from continuing operations, but does not impact our ability to cover our fixed charges.
(3)	For the year ended December 31, 2015 the ratios were deficient of achieving a 1:1 ratio by $25.4 million for the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred dividends.
(4)	For the year ended December 31, 2014 the ratios were deficient of achieving a 1:1 ratio by $28.2 million for the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred dividends.
(5)	For the 11 months ended December 31, 2013 the ratios were deficient of achieving a 1:1 ratio by $50.8 million and $51.1 million for the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred dividends, respectively.



					Exhibit 12.1